These golf concessions are to be made available to owners and guests staying at The Residences. They include:

Owners shall be 4 nominated persons for a two bedroom apartment and 6 people for a three bedroom apartment.

Owners will be entitled to these special conditions at anytime of the year whether they are occupying their apartment or not.

Guests shall be any such person occupying an apartment at The Residences whether as a guest of an owner or renting.

Guests will only be entitled to these special conditions when they are occupying an apartment at The Residences.

Owners will benefit from a discount of 50% off the published full green fees and equipment (buggies, trolleys, etc?) of all 5 Vilamoura courses.

Guests will benefit from the full wholesale discount rate which varies throughout the year. It is, however, never less than 25%.

Currently under construction, already 110 out of 145 apartments have been sold off plan.

Andr? Jordan, Portugal's leading Property developer has combined high quality workmanship and attention to detail on the development. His commitment to long term investment value for his clients has turned both Quinta do Lago and Vilamoura into internationally successful resorts.

Prices for a Luxury T2 - 2 bed apartment are currently from Euro 495.000 to Euro 725.000 and T3 -3 bed apartments from Euro 565,000-825,000. With the final phase of apartments available, the showroom, which is right next to the press tent for the Portugal Masters will be open to both the media and prospective purchasers looking to buy the last units at off-plan prices. Full furniture packs at Euro 25,000 for a 2-bed and Euro 30,000 for a 3-bed are available.

Jeff Hart, Sales Director for The Residences says: 'We expect to sell all the remaining 35 apartments by November 2007. With capital appreciation for this type of property running at up to 10% pa, the apartments can be expected to be around 20% more when they are completed early in 2009. With comparable properties in Quinta do Lago and Vale do Lobo selling at prices in excess of 35% above ours, there is plenty of room for good appreciation in the future.'

All property owners can take full advantage of The Residences' Rental Scheme which is operated on site. The Residences golf concessions maximise the number of week's rental achievable throughout the year. The peak seasons for Golf are Feb-May and Oct-Nov; this fits in perfectly with the peak summer beach season, to maximize occupation.

Jeff Hart says: 'We confidently expect an average of 40 weeks rental per annum, for owners who wish to maximize their rental income. Our studies show, this would produce a net return of approximately Euro 20k for a 2 bed, and Euro 25k for a 3 bed apartment. These figures are net of all running costs, including rental commission, condominium fees and council tax.'

The Residences has also attracted a quality mortgage offer. BBVA Bank will finance up to 80% of the purchase price. They will also finance up to 40% of the deposit and stage payments on an interest only basis, plus lend 80% until 2011 at interest only as well.

For the latest news from The Residences, please see video clips on The Residences' website:

www.residencesvictoria.com

For further information please contact:

Jeff Hart - jeff.hart@residencesvictoria.com

The Residences at Victoria Clube de Golfe,

+351 289 310 280